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EUR/USD fell 0.75% during the North American session, dropping below the 1.19 mark to trade around 1.1882. The decline comes as the US Dollar strengthened sharply following the nomination of Kevin Warsh as the next Federal Reserve Chair and higher-than-expected US inflation data.
Markets reacted to signs that the Fed is likely to maintain current interest rates, boosting demand for the Dollar. US Treasury yields rose, reflecting investor confidence in a steady policy approach.
In Europe, strong growth figures from Germany and the Eurozone offered little support, as the Euro struggled to keep pace with the surging Dollar.
Looking ahead, upcoming US jobs data, inflation reports, and Fed commentary, along with European economic updates, could drive further moves in the EUR/USD pair.
